Cardano founder Charles Hoskinson equated the first cryptocurrency to a religion, asserting that the industry has outgrown its dependence on it.
.@Cardano CEO @IOHK_Charles: “I don’t see how #Bitcoin survives. It’s a religion, not an ecosystem. So no, we don’t necessarily need $BTC.” ? pic.twitter.com/RZD4ITGfWe
— Cointelegraph (@Cointelegraph) May 23, 2024
“The industry no longer needs Bitcoin to survive. It’s nice to have such a digital asset with such a reputation and its own purpose. Remember, in the end, it’s a token with a deflationary monetary policy,” he said.
Hoskinson also pointed to the cryptocurrency’s lack of adaptability and reliance on the Proof-of-Work algorithm as critical threats. Even technological giants like Microsoft had to adapt to innovations such as laptops and mobile phones to survive, he added.
“Bitcoin is a religion, not an ecosystem,” the entrepreneur concluded.
In February, Hoskinson expressed skepticism regarding the development of second-layer solutions on the first cryptocurrency’s blockchain.
Conversely, analysts at Franklin Templeton considered L2 protocols, alongside Ordinals, Runes, and DeFi primitives, as key drivers of Bitcoin innovation revival.
Earlier, former BitMEX CEO Arthur Hayes described Cardano’s native token (ADA) as “dogshit” due to its low usage in protocols.